The precursor of CIB Bank Ltd. was founded in Budapest on 9 November 1979, and opened for business on 1 January 1980. Its shareholders, in addition to the National Bank of Hungary, included leading European and Japanese banks (Banca Commerciale Italiana - BCI - held an 11% stake in the bank from the time of its founding). CIB Bank was an offshore, wholesale bank, the first mixed one in a socialist country.
Until the end of 1995 the bank operated in accordance with a license issued by Hungary's Ministry of Finance; then, on 21 December 1995, the State Banking Supervision licensed it to conduct a commercial banking business.
In accordance with this new operating license, CIB Bank could perform transactions in convertible currencies only. Over time, more and more Hungarian companies joined its pool of customers.
CIB Bank merged with CIB Hungária Bank Rt. on 1 January 1998. The new bank continued to operate under the name of its former parent bank, with full authorization to conduct both local currency and foreign exchange business, just like any other domestic commercial bank.
CIB Bank began to set up a branch network in 1992, with the process accelerating in the years thereafter. By early 2006 the bank had 98 active branches, 44 of which were located in and served the customers of Budapest, and 54 in rural areas.
On 1 January 2008 CIB Bank and Inter-Európa Bank also joined forces to become CIB Bank Ltd.